Board packaging refers to packaging made from corrugated fiberboard or paperboard. It includes corrugated boxes, flexible packaging such as paper bags and sacks, folding cartons, sleeves and labels. Board packaging provides protective packaging for a wide variety of items. It offers advantages such as durability, light weight, recyclability and cost effectiveness. The demand for board packaging is rising across industries like food and beverages, personal care, consumer goods, pharmaceuticals due to properties like high strength and resistance to water, which helps in safely transporting and protecting products during distribution and storage.
The global Board Packaging Market is estimated to be valued at US$ 357.20 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the board packaging market is increasing use of paperBoard Packaging Marketboard with higher grammage. Paperboard with higher grammage provides more protection to products during transportation and storage. With growth in e-commerce and demand for safe deliveries, manufacturers are developing paperboard packaging solutions with grammages ranging from 300 gsm to 500 gsm. Also, there is a rising demand for paperboard made from recycled content. This is driven by sustainability initiatives of brand owners and regulations banning single-use plastics. Recycled paperboard reduces environmental footprint of packaging. Advances in paperboard coating and lamination are allowing manufacturers to develop innovative and customized packaging solutions with high-quality graphics and protection.
Threat of new entrants: Low capital requirements and established brands create barriers for new players to enter the board packaging market.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and less differentiation in raw materials.
Threat of new substitutes: Substitutes like flexible packaging and plastic offer low threat due to non-sustainable nature and regulations against plastics.
Competitive rivalry: Intense competition due to low switching costs and established suppliers.
The Global Board Packaging Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand for sustainable and recyclable packaging materials. The market size for 2023 is US$ 357.20 Mn.
Regional analysis: Asia Pacific dominates the global board packaging market and is expected to continue its dominance, growing at a CAGR of over 5% during the forecast period. Factors such as rapid industrialization and growing e-commerce industry driving the market growth in the region.
Key players operating in the board packaging market are Nippon Paper Industries Co., Ltd., Mondi Plc, Metsa Board Oyj, WestRock, and Oji Holdings Corporation. Key players are focused on capacity expansion and new product launches to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it